With plant based diets becoming increasingly mainstream vegan options are being offered almost everywhere, and the sports nutrition industry is no exception.
The recently rebranded Sustainable Nutrition Group (ASX: TSN) is entering the $10.8 billion global plant based- ingredients market through a new partnership with Australian Plant Proteins (APP) to develop a hemp based concentrate and isolates. Products are to be manufactured at APP’s facility in Victoria, which is currently undergoing upgrades following a $50 million investment.
The agreement will see TSN own all intellectual property and formulae, with 15 years of exclusivity on product sales. The Company expects to see products hit shelves and begin to generate revenue in Q4 FY22.
Current issues around hemp based proteins include flavour profile, solubility and emulsification. Creating isolates overcomes these issues whilst still offering high protein content. Planned products from TSN will be pale in colour, with a neutral flavour and emulsify easily. Further increasing their potential addressable market, hemp based isolates are non-allergenic and non-GMO, accommodating consumers with various sensitivities. Compared to whey proteins, plant based proteins are much more environmentally friendly, acting as a carbon sink.
The protein isolates will not only be marketed under the sports nutrition banner, but will be used in various food products to boost the protein content such as meat alternatives, yogurts, milks and baked goods.
Managing Director of the Group, Neale Joseph commented: “Investing in research and development and product innovation is one of TSN’s key strategic pillars. By partnering with APP, TSN can leverage opportunities in the plant protein market to take advantage of strong consumer demand for plant-based health and wellness products.
“The partnership creates fast to market opportunities, without significant capex requirements for products which attract a premium due to their superior protein properties.
“In particular, APP’s proprietary protein extraction process creates ‘clean’ protein powders without the use of solvents or enzymes. The result is a sustainably produced, great tasting plant protein ideally suited to a broad range of food and beverage applications.”
The establishment of a new direct to consumer retail brand for these products hasn’t been flagged as a future business venture just yet, however the Group already has three retail brands which may see the new formulations incorporated into products.
Rich in tryptophan and Vitamin E, hemp protein powder can combat anxiety and is currently a main ingredient in TSN’s Field Day behaviour and wellbeing support food topper for pets.
TSN’s human food line, Mt. Elephant also uses hemp proteins in their food mixes, from bread mixes to vegan cheese powder.
Australian Primary Hemp, their flagship brand, creates and sells many types of products from the plant including bulk hemp oils, seeds and, a convenient COVID-19 addition, hand sanitiser.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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